Ask HN: Relevance of Yearly 409A Valuation

Hi HN. I have worked at a startup the past 4 years and work hard to make sure I understand all the nuances of the options portion of my comp package. Having done so much research on tax implications for my options, I have always viewed a low 409A valuation as a good thing. It means that newly granted options will be cheaper, and the less impact on the AMT from exercising per share means I can exercise more "tax free" options each year. Is this a narrow view of the valuation? Our 409A is basically the same for the third year in a row but our position is materially better. We should be profitable in the next 6 months and were no where near profitable the 2 years ago.

Should I be concerned if the 409A valuation stays stagnant and low or just not worry about it and take the tax savings happily? Thanks!